Not good news for the Kenyan shilling. It has dropped down on and traders said the level of corporate demand for dollars would determine its direction, reports CNBC Africa.
According to traders, the shilling was well supported by good dollar inflows into local financial markets from international investors and conversions by farm sector exporters and non-governmental organizations.
“Importers are standing on the sides and buying on dips so we will get direction when demand increases,” said a trader with a leading commercial bank.
The currency over the next few weeks could firm further due to inflows from the sale of the country’s debut Eurobond for up to 2 billion US dollars.
The post Kenya Shilling Dips down, Demand For Dollars Possible Reason appeared first on AFKInsider.